Italian household wealth nears 6,500 billion euros, up 1,600 billion since 2020 as families shift from cash to equities

Overall wealth growth

Italian household financial wealth has risen by over 1,600 billion euros since 2020, bringing total assets to nearly 6,500 billion euros, according to a report published on 11 July 2026 by the Fabi (Federazione Autonoma Bancari Italiani). The increase represents a 35% rise over the six-year period and marks the highest level ever recorded for private savings in Italy. The report stresses that the accumulation is not simply a matter of more money saved, but reflects a structural change in how families allocate their resources.

It is the sign of a portfolio that is becoming progressively more structured and diversified, in which the need to maintain immediately available resources coexists with the desire to grow capital over the medium-to-long term.

Equities drive the transformation

The sharpest increase came from equities held by households, which climbed by 1,103.3 billion euros, or 113%, between 2020 and 2025. The stock of equities moved from 973.9 billion euros to 2,077.2 billion euros over the period. In the most recent year alone (2024 to 2025), the equity component rose by nearly 293 billion euros, a 16.4% jump. Equities now account for 32% of total household financial assets, making them the largest single component. Bonds and other government securities also expanded strongly, passing from 495.9 billion euros to 523.6 billion euros in the year to 2025, an increase of almost 28 billion euros, or 5.6%. Over the six-year horizon, bond holdings rose from 247.6 billion euros to 523.6 billion euros (up 111%). Mutual funds grew from 689.1 billion euros in 2020 to 901.9 billion euros in 2025, a rise of 212.8 billion euros, or 30.8%.

Liquidity remains a pillar but grows more slowly

Cash holdings continue to be a fundamental part of household portfolios, but their expansion has been more subdued. Current accounts and deposits reached 1,603.2 billion euros in 2025, rising by only 23.5 billion euros (1.5%) between 2024 and 2025. Over the full 2020–2025 period, banknotes and deposits increased from 1,556.3 billion euros to 1,603.0 billion euros, a gain of 46.7 billion euros, or 3%. The increase was driven entirely by current accounts, which grew by 53.7 billion euros (4.8%), while other deposit categories declined by 7 billion euros (minus 1.6%). Despite the slower growth rate, deposits still represent just over 24% of the total financial assets of Italian families.

Insurance and fund products rebound

Insurance policies and mutual funds posted meaningful gains in the year to 2025. Insurance products rose from 1,128.4 billion euros to 1,174.4 billion euros, up approximately 46 billion euros, or 4.1%. The Fabi report notes, however, that when viewed across the full six-year period, insurance and loan products are the only components still showing a decline in absolute terms, suggesting the 2025 uptick is more a modest recovery than a structural acceleration. Mutual funds saw a one-year increase of about 58 billion euros, climbing from 843.8 billion euros to 901.9 billion euros (up 6.9%).

A more diversified portfolio

Across nearly all asset categories, the data points to greater diversification. Government bonds and other securities now represent 8.1% of total household financial assets, while insurance policies account for 18.1%. The Fabi analysis observes that the shift toward instruments offering higher potential returns does not equate to abandoning prudence.

The search for better performance does not replace caution, but fits within a strategy of greater portfolio diversification.

The overall picture between 2020 and 2025, the report concludes, shows not just a richer savings pool but one that is considerably more varied in its composition, spreading resources across liquidity, investment instruments and insurance.